Posted 11/22/2023, 2:44:00 PM
Hunt Cuts NI But 'Fiscal Drag' to Raise Billions Through Stealth Tax Hikes
- Jeremy Hunt cutting National Insurance from 12% to 10% but billions raised through "fiscal drag" of frozen tax thresholds
- Nearly 4 million more Brits expected to pay income tax due to threshold freeze, extended to 2027-28
- Stealth tax hike will raise £44.6 billion by 2028-29, £13.6 billion more than March forecast
- 68% more taxpayers paying 40% rate and 400,000 more paying 45% top rate due to fiscal drag
- Tax burden increased 4.5% of GDP since 2020, institute slams government "taking with one hand and giving back with another"